Bitcoin rises, altcoins fall! Bitcoin falls, altcoins continue to fall! This is a true reflection of the market in the past few days, but everyone really doesn't need to be too nervous. As long as Bitcoin doesn't return to 30,000 points, this round of the market will definitely not end. The current time point is just not the period for altcoin explosions.
This wave is similar to the situation last month when Bitcoin broke 90,000 and reached new highs every day. Altcoins are not unwilling to rise, but are waiting for Bitcoin to break through the market cap ceiling. So after Bitcoin reached 100,000 last month, altcoins collectively took off, with many altcoins surpassing their previous highs from March this year. This wave of the market is the same; although Bitcoin broke 108,000 last night, it is not a round number, and the market has become accustomed to such new highs, even failing to make it to trending topics. The upcoming market can only ignite the enthusiasm of retail investors and altcoin funds by breaking through major thresholds like 110,000 and 120,000.
Currently, the BTC spot ETF data is still good, but in the past 24 hours, two contrasting trends have emerged: one is that BlackRock maintains strong buying power, while another is that Fidelity, ARK, and Bitwise are showing obvious sell-offs. The reason for the sell-off is simple: it's a hedge against today's interest rate meeting. This topic has been discussed a lot in the last two days, so I won't elaborate further.
